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Old 05-25-2012, 04:08 PM
 
12 posts, read 51,725 times
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Hello,

I'm relocating from the UK to NYC for my work. I've been offered a salary of $97k before taxes. What I've been trying to work out is how much I would actually take home?

Can anybody tell me how much it is roughly after taxes? I would be working and living in Manhattan.

With my job I get medical, dental and vision plans, so I don't think I need to account for that?


I'm moving in 2 months and I have a place to stay for up to 12 months (if I need to) I will be paying $2000pm for it. Whilst I'm there I'd like to save up some cash so I can rent my own place. I'll be working on 5th av, between w45 & w49.

Thanks
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Old 05-25-2012, 06:02 PM
 
Location: Manhattan
25,341 posts, read 36,853,897 times
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I'm guessing you'll take home about around 60K after Federal, State, City, and Employment taxes...SS, and Medicare.
(Very quick extimate on my part.)
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Old 05-25-2012, 06:11 PM
 
12 posts, read 51,725 times
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[quote=Kefir King;24465006]I'm guessing you'll take home about around 60K after Federal, State, City, and Employment taxes...SS, and Medicare.
(Very quick extimate on my part.)[/QUOTE

Thanks

So that's around $5k a month roughly? Going by 60/12.
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Old 05-25-2012, 08:20 PM
 
Location: Staten Island, New York
3,727 posts, read 7,007,470 times
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Don't forget that you'll still have to pay for part of those medical plans. If it's family, it will take a considerable chunk.
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Old 05-26-2012, 04:13 AM
 
12 posts, read 51,725 times
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@NYCHistorygal - no its just me, no kids/husband.
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Old 05-26-2012, 06:43 AM
 
12 posts, read 51,725 times
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I will be paying $100 for my plans so this is my budget for the first 6 months at least:

Net pay - $5000 roughly

$2000 - rent
$250 - towards bills (cable/utilities/in unit laundry/Internet)
$300 - food (eating out occasionally, cooking for myself at home) realistic?
$1000 - savings

So that brings me to $3550 which would leave me $1450 on the assumption of $5k.

I don't need a metro card as I'm going to be living near to work so I will walk to work, and plus it will be good exercise so no gym membership needed.

I plan to save for 6 months at least which should give me 6k to begin apartment searching.

Hopefully this is a good breakdown and financial plan, what do you guys think?
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Old 05-26-2012, 08:29 AM
 
Location: Beautiful Pelham Parkway,The Bronx
9,239 posts, read 23,977,718 times
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Forget the guessing and estimating of people who probably don't really know ! Use a paycheck calculator and enter all of the pertinent information for your specific situation.It will do the calculations.

Salary Paycheck Calculator - Payroll Calculators | SurePayroll

Be sure to choose NYC resident in the city tax column.
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Old 05-26-2012, 09:10 AM
 
12 posts, read 51,725 times
Reputation: 15
Quote:
Originally Posted by bluedog2 View Post
Forget the guessing and estimating of people who probably don't really know ! Use a paycheck calculator and enter all of the pertinent information for your specific situation.It will do the calculations.

Salary Paycheck Calculator - Payroll Calculators | SurePayroll

Be sure to choose NYC resident in the city tax column.
Thanks Bluedog, I entered my details but it didnt deduct any social security, I'm not sure if that's correct?
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Old 05-26-2012, 11:47 AM
 
Location: Portland, Oregon
46,001 posts, read 35,001,409 times
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Get a metro card, it is only $104 a month and it will come in handy, besides you will get in plenty of exercise with the amount of walking and stair climbing you will be doing.
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Old 05-26-2012, 12:22 PM
 
12,340 posts, read 26,022,073 times
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Quote:
Originally Posted by urbanlife78 View Post
Get a metro card, it is only $104 a month and it will come in handy, besides you will get in plenty of exercise with the amount of walking and stair climbing you will be doing.
For people who don't do a daily commute on the MTA, it can be much more cost effective to get the pay-per-ride. It really depends on how much the person rides. My advice is to start out with the $50 pay-per-ride card, pay with a credit card and keep receipts. Do this for a few months to see how often you are buying the cards, and if it seems more effective to switch to the monthly, then make the switch. There may be other ways of figuring it out that are more scientific, but that's essentially what I did.

MetroCard Fares Are Up; Here's How to Make the Best Deal - NYTimes.com

The question facing commuters with every fare increase arises again: are you better off with an unlimited MetroCard or a pay-by-the-ride one?

Here’s the quick answer: with the 30-day unlimited card, you now need to take 50 rides per 30 days for it to be a better deal, or about 7 rides above and beyond the five-day-a-week back-and-forth commute — up from 46 rides per 30 days under the old fares.

With a 7-day unlimited card, the break-even point is still 14 rides per week.

Here’s the breakdown: (click the link above)
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